Iran to start early production at Reshadat oilfield

Oil&Gas Materials 14 January 2013 16:58 (UTC +04:00)

Azerbaijan, Baku, Jan. 14 / Trend, F. Mehdi/

Iran will start early production at the Reshadat oilfield, which is located in the Persian Gulf, aiming to yield 22,000 barrels of crude oil per day, IRNA quoted Abbas Rajabkhani, an official at the Iranian Offshore Oil Company as saying.

Four wells will be drilled at the oilfield, aiming to boost its output to 75,000 bpd, he said.

Iran has just installed the biggest oil exploitation platform in the Reshadat Oilfield. The platform was ordered by the IOOC and built domestically over a one-year period.

In December 2012, Iran's Oil Minister Rostam Qasemi said Iran has the capacity to produce 4 million barrels of crude and 600 million cubic meters of gas per day, Press TV reported.

Referring to the fact that Iran possesses 12% of the world's oil reserves and 18% of its gas reserves, Qasemi said that "the capacity to produce oil must reach 5.2 million barrels and gas production capacity must hit one billion cubic meters per day by the end of the fifth Five-Year Development Plan in March of 2016."